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FINANCE COMMITTEE

The Finance Committee (Fincom) of the Union shall consists of the National Treasurer as Chairperson, President as Ex-officio, Deputy President, one Provincial Treasurer who will be invited on a rotational basis and one member with financial background elected by the National Executive Council who will also act as a recording secretary.

The General Secretary shall form part of the Finance Committee but shall have no voting rights.

The Finance Committee shall :-

Formulate financial policies and procedures;

Recommend practical ways of implementing these policies;

Review budgets and recommend to NEC;

Review financial statements and ensure that financial policies and procedures are adhered to;

Discuss the audited financial statement and management report with the auditors;

Discuss and manage the expenditure of the special projects;

Cash flow management (including treasury functions)

Recommend investments

Consider and recommend the acquisition of capital expenditure items within the budget;

Advice on closing & opening of bank accounts

Make recommendations of staff salary increases.

A quorum of the Finance Committee shall be four (4) members.

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